New filtering and backtest in AlpacaScan
AlpacaScan has been updated with a newly-designed interface and customizable filtering functionality. This new feature refines the backtest analysis we have been evaluating for the past couple of weeks. Now you can clearly see how well each trading opportunity worked in the past using the statistical percentages found by the backtest calculation. AlpacaScan not only scans the entire stock market every day, but you can also filter the opportunities based on statistical analysis that is important to you such as winning rate or number of events, as well as fundamentals such as market cap and P/E ratio. You can even save your favorite filter under your account once you sign up and we will email the fresh results based on your favorite filter conditions every day at the market close.
Each opportunity is presented with a card like this one.
This opportunity for the stock symbol $KAR shows a Bullish Kicker candlestick pattern as of the last market close. This stock combined with this pattern moved upwards the following day 73.33% out of 45 times that the pattern appeared over the past 5 years. This is not a prediction or fancy magic but it does give you an idea of how well the stock performed with this pattern in the past. Remember, this is based solely on historical statistics coupled with recent candles, so you may want to look deeper into the opportunity by looking at the stock’s detail page to see a longer term chart and fundamentals to determine if it is the right trade for you.
The idea for AlpacaScan started when a trader we talked to was looking through AlpacaAlgo and said, “I know this particular candlestick pattern works well in many cases but as a human being, I can’t check all 7,000 stocks every day.”
We quickly built a small prototype that did the job for him. It scanned the 7,000 daily charts of the U.S. stock market and presented them with symbolic chart thumbnails. As it turned out, people loved it, despite of or thanks to the simplicity of the service. We then decided to add our data processing technology in order to augment the value of each opportunity with backtesting calculations, a user friendly design interface, filtering and customization features. Today’s Scan is still pre-MVP of everything we have in mind, but it’s definitely something our team loves (we trade based on Scan results a lot) and so does our community of casual traders. As casual traders, we feel there is a huge gap to fill between super active traders and buy-and-hold passive investors. It’s time for a movement to bring the modern world to outdated financial sectors similar to the one we have seen in e-commerce shopping and social media in recent years. Going forward, we are going to enhance the user interface, bring in the social interaction among users, innovate more tailor-made opportunity analysis technology, connect to your existing trading platforms, and most importantly, deliver more valuable opportunities you can act on.
We hope you enjoy the new AlpacaScan! As always, we are very happy to listen to any feedback you have, so please reach out to us in the chat window on the bottom right in Scan, on Twitter or by email (email@example.com).